The School Board shall establish financial controls for the administration of the normal, legitimate, curricular-related and extra-curricular activities of the Corporation in accordance with guidelines of the State Board of Accounts.

Each fund covered by this policy must be recognized by the School Board before monies can be collected or disbursed in the name of said fund. Each fund shall be managed by a school administrator designated by the Superintendent and a bonded Treasurer approved by the Board.

The Superintendent is directed to submit annually a list of any new accounts along with a brief description of its objectives.